Slerfsol Recovers After $10M Token Burn Fiasco

Thanks to the support of the community, the Solana memecoin Slerfsol (SLERF) has had a successful launch despite the creator’s mistake of burning over $10 million worth of Solana (SOL) from investors during the presale on March 18. Currently, SLERF is valued at $0.79 with a total market cap of $505 million and is listed on multiple exchanges. Following the mishap, the creator asked for donations to compensate users, and has received 3,000 SOL in their wallet address.

One of the notable supporters of SLERF is the cryptocurrency exchange BingX, which has offered to donate all trading fees generated from buying and selling SLERF on its platform to the project. BingX plans to airdrop future BingX World Debut tokens to addresses that participated in the SLERF private sale but did not receive SLERF tokens. Slerf expressed gratitude for BingX’s support and referred to them as “amazing.”

Bitget, another cryptocurrency exchange, followed suit and announced that they will donate all SLERF trading fees on their platform to the SLERF community, specifically to those who participated in the presale. They also mentioned that donation details will be revealed on a weekly basis.

Justin Sun, a prominent figure in the Chinese blockchain community, stated that the HTX exchange (formerly known as Huobi Global) will also donate all SLERF trading revenue to the protocol. HTX will allocate the funds to everyone who participated in private sales on HTX and will also donate some HTX for Slerf’s trading fee mining on HTX.

The rise of memecoins, including SLERF, has drawn comparisons to the initial coin offering (ICO) frenzy of Ethereum in 2017. During that time, numerous crypto projects raised millions of dollars, but many failed to deliver on their promises. In a similar fashion, Milady’s novel Solana memecoin, a nonfungible token collection, managed to attract 91,486 SOL ($18.7 million) within just two hours of its presale announcement on March 18.